Quarterly Review Q1 2024 - Adventurous final - Flipbook - Page 4
Performance commentary
Market
Equity markets started the year on a strong footing with the MSCI All Country World Index of global
equities up +9.3% for the quarter in Sterling terms. The U.S. equity market, as measured by the S&P
500 Index, was again a key driver, up +11.6%, but it was Japan that led the way, up +12.2% for the
quarter in Sterling terms. Japan’s stock market continues to attract global investors’ attention due to
the positive backdrop of a strengthening economy, accelerating earnings growth and transformative
corporate governance reforms. Emerging Market equities were the laggards, up +3.4% for the quarter,
held back by China’s ongoing economic struggles which led its equity market to decline over the period.
From a style perspective, Momentum was a clear winner over the quarter globally. Conversely, strategies
focused on mid and smaller sized companies and value-oriented strategies typically underperformed.
Adventurous vs IA Flexible Investment
130
120
110
100
90
80
10/2022
10/2023
Adventurous
IA Flexible Investment
Total Fund
The Adventurous Fund (“the Fund”) was up +5.9% over the 昀椀rst quarter, outpacing the +4.5% return of
its IA Flexible Investment performance comparator. Since the Fund’s inception on 6th October 2022, the
Fund is up +19.6%, signi昀椀cantly ahead of the +13.2% return of its IA comparator.
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